When you withdraw money from a foreign superannuation scheme, you need to know what fraction of it is considered income. This fraction is based on how many years you have been a member of the scheme. You can find the fraction in a table that shows the schedule year and the schedule year fraction as a percentage.
The schedule year fraction increases as the number of years you have been a member increases. For example, if you have been a member for one year, the fraction is 4.76%. If you have been a member for 26 years or more, the fraction is 100%.
This information is part of the Income Tax Act 2007, which is a law that tells you how income tax works in New Zealand.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6038804.
Schedule 32: Recipients of charitable or other public benefit gifts, or
"Groups you can donate to and help make a difference"
Schedule 34: Community housing trusts and companies: income and assets of beneficiaries and clients, or
"Rules for community housing help: income and asset limits for people getting housing assistance"
|
Column 1 schedule year |
Column 2 schedule year fraction (%) |
|---|---|
| 1 | 4.76 |
| 2 | 9.45 |
| 3 | 14.06 |
| 4 | 18.60 |
| 5 | 23.07 |
| 6 | 27.47 |
| 7 | 31.80 |
| 8 | 36.06 |
| 9 | 40.26 |
| 10 | 44.39 |
| 11 | 48.45 |
| 12 | 52.45 |
| 13 | 56.39 |
| 14 | 60.27 |
| 15 | 64.08 |
| 16 | 67.84 |
| 17 | 71.53 |
| 18 | 75.17 |
| 19 | 78.75 |
| 20 | 82.28 |
| 21 | 85.74 |
| 22 | 89.16 |
| 23 | 92.58 |
| 24 | 95.83 |
| 25 | 99.08 |
| 26 or more | 100.00 |
